Thursday, August 27, 2020
The Battle of Midway On June third, 1942, the United States proclaimed war on Imperialistic Japan and Nazi Germany. Because of the shelling of the United States' maritime base at Pearl Harbor by the Japanese the U.S. had to make a move. The United States started their first maritime fight close to the Midway islands with regards to its pacific armada and situating. Halfway was the Japanese' last objective for its western development in the Pacific. Soon after 12 PM on June 4th,1942, the United States assaulted an armada of Japanese vehicle ships. One American torpedo plane took out armada big hauler Akabono Maru. Later that morning at about 6:30am, Japanese planes started bombarding halfway island establishments, however making negligible harm the U.S. maritime base. Somewhere in the range of 9:30am and 10:30am the U.S. took out Japanese plane carrying warship's Kaga, Akagi, and Soryu. During the fight the Japanese recouped three U.S. maritime pilots. Be that as it may, subsequent to cross examining these men, the Japanese killed them. On June fifth, 1942, a warship, under the order of Rear Admiral Spruance, sought after the Japanese armada westbound leaving rescue laborers to fix the U.S. airplane bearer Yorktown(which was harmed a day sooner by a Japanese submarine torpedo). The remainder of the air assaults of the fight occurred on June sixth, 1942, with the United States starting to rise successful with the sinking of 2 destroyers, 1 overwhelming cruiser, and 1 cruiser. In the interim a Japanese submarine torpedoed plane carrying warship Yorktown and the destroyer USS Hammann, however it took a day for the transporter to turn over and sink. The Japanese submarine got away with-out decimation not long after the torpedoing. (Maritime Historical Center, Battle of Midway:4-7 June 1942, Department of the Navy... ...he U.S. unlimited oversight over the Pacific Ocean. This annihilation likewise gave the Allies a flat out triumph over Japan and the rest of the Axis powers. The notorious Battle of Midway formally finished on June seventh 1942. Works Cited Baikie, Eric. Ngo, Kevin. Collins, McKenzie. Significant Battles of WWII. Viking Press. January 2002. Bruce, George Ocean Battles of the twentieth Century, Stopping the Tide: the Battle of Midway fourth - seventh 1942, Department of the Navy, May 1990 Cressman, Robert, J. No Closure Save Victory, Naval Historical Center, June 1998 Dingman, Roger, The beginnings of maritime arms limitation,Power In The Pacific, Naval Institute Press, 1998. Maritime Historical Center, Clash of Midway: fourth - seventh June 1942, Department of the Navy. June, 30, 2003. Maritime Historical Center, Groundwork For Battle Department of the Navy, April 1999
Saturday, August 22, 2020
French Indian War - French Indian War Aftermath Past: 1760-1763 - The Closing Campaigns | French Indian War/Seven Years War: Overview The Treaty of Paris Having deserted Prussia, making room to make a different harmony with France and Spain, the British went into harmony talks in 1762. In the wake of winning dazzling triumphs far and wide, they enthusiastically discussed which caught domains to keep as a feature of the arranging procedure. This discussion basically refined to a contention for keeping either Canada or islands in the West Indies. While the previous was endlessly bigger and given security to Britains existing North American states, the last created sugar and other significant exchange wares. Left with little to exchange aside from Minorca, the French remote clergyman, the Duc de Choiseul, found an unforeseen partner in the leader of the British government, Lord Bute. Accepting that some domain must be returned so as to reestablish a level of perceived leverage, he didn't press to finish the British triumph at the arranging table. By November 1762, Britain and France, with Spain likewise taking an interest, finished work on a harmony understanding named the Treaty of Paris. As a feature of the understanding, the French surrendered all of Canada to Britain and surrendered all cases to an area east of the Mississippi River aside from New Orleans. What's more, British subjects were ensured route rights over the length of the stream. French angling rights on the Grand Banks were affirmed and they were permitted to hold the two little islands of St. Pierre and Miquelon as business bases. Toward the south, the British kept up ownership of St. Vincent, Dominica, Tobago, and Grenada, however returned Guadeloupe and Martinique to France. In Africa, GorÃ£ ©e was reestablished to France, however Senegal was kept by the British. On the Indian Subcontinent, France was allowed to restore bases that had been established before 1749, however for exchanging purposes as it were. In return, the British recaptured their exchangin g posts Sumatra. Additionally, the British consented to permit previous French subjects to keep rehearsing Roman Catholicism. A late section into the war, Spain fared seriously on the combat zone and in arrangements. Compelled to surrender their benefits in Portugal, they were bolted out of the Grand Banks fisheries. What's more, they were constrained exchange all of Florida to Britain for the arrival of Havana and the Philippines. This gave Britain control of the North American coast from Newfoundland to New Orleans. The Spanish were additionally required to assent to a British business nearness in Belize. As pay for entering the war, France moved Louisiana to Spain under the 1762 Treaty of Fontainebleau. The Treaty of Hubertusburg Hard squeezed in the wars last years, Frederick the Great and Prussia saw fortune sparkle on them when Russia left the war following Empress Elizabeths demise in mid 1762. Ready to think his couple of residual assets against Austria, he won fights at Burkersdorf and Freiburg. Cut off from British money related assets, Frederick acknowledged Austrian pleas to start harmony talks in November 1762. These discussions at last delivered the Treaty of Hubertusburg which was marked on February 15, 1763. The details of the settlement were a viable come back to business as usual before the war. Therefore, Prussia held the affluent region of Silesia which it had picked up by the1748 Treaty of Aix-la-Chapelle and which had been a flashpoint for the present clash. In spite of the fact that battered by the war, the outcome prompted a newly discovered regard for Prussia and an acknowledgment of the country as one of the extraordinary forces of Europe. The Road to Revolution Discussion over the Treaty of Paris started in Parliament on December 9, 1762. In spite of the fact that not required for endorsement, Bute felt it a reasonable political move as the treatys terms had released a lot of open clamor. The restriction to the settlement was driven by his forerunners William Pitt and the Duke of Newcastle who felt that the terms were excessively permissive and who reprimanded the legislatures surrender of Prussia. In spite of the vocal dissent, the bargain passed the House of Commons by a vote of 319-64. Thus, the last report was formally marked on February 10, 1763. While triumphant, the war had gravely focused on Britains funds diving the country into obligation. With an end goal to mitigate these money related weights, the administration in London started investigating different choices for raising incomes and guaranteeing the expense of frontier barrier. Among those sought after were an assortment of announcements and duties for the North American provinces. Despite the fact that an influx of altruism for Britain existed in the provinces in the wake of the triumph, it was immediately smothered that fall with the Proclamation of 1763 which precluded American pilgrims from settling west of the Appalachian Mountains. This was proposed to balance out relations with the Native American populace, the majority of which had favored France in the ongoing clash, just as lessen the expense of frontier resistance. In America, the announcement was met with shock the same number of pioneers had either bought land west of the mountains or had gotten land aw ards for administrations rendered during the war. This underlying resentment was raised by a progression of new charges including the Sugar Act (1764), Currency Act (1765), Stamp Act (1765), Townshend Acts (1767), and Tea Act (1773). Coming up short on a voice in Parliament, the pioneers guaranteed tax imposition without any political benefit, and fights and blacklists moved through the provinces. This boundless indignation, combined with an ascent in progressivism and republicanism, set the American states making a course for the American Revolution. Past: 1760-1763 - The Closing Campaigns | French Indian War/Seven Years War: Overview
Friday, August 21, 2020
Blog Archive What I Learned atâ¦UVAâs Darden School of Business, Part 2 In our âWhat I Learned atâ¦â series, MBAs discuss the tools and skills their business school provided as they launched their career. Sarah Rumbaugh, CEO and founder of RelishMBA. Sarah Rumbaugh is the CEO and founder of RelishMBA, the marketplace for MBA hiring, which connects MBA candidates and the companies that hire them through the recruiting process. Sarah founded RelishMBA while completing her MBA at the Darden School of Business and continued to work full-time on the venture after graduation. In Part 2 of this three-part series, Sarah discusses how Darden helped her prepare to launch her venture while in school. Once I had identified the problem I wanted my venture to solve, the next step was figuring out how to use this information to help me get into the i.Lab at UVA Incubator. I had about two months in which to figure this out. Continuing to seek guidance from Dardenâs entrepreneurship faculty and staff, I decided the answer was to gather data to support my claim that this problem existed for MBA students and recruiters and to talk to people who had started businesses in similar areas. For the first part, I conducted a few focus groups and surveys with MBA students and recruiters (both of which were easily accessible; I just had to get them to say yes). I later learned in a marketing course that focus groups and surveys can be pretty difficult to do and could result in unreliable data if not done correctly. In any case, I collected the data that I believed supported the notion that the problem I had identified was worth solving. For the second task, I took a look at the Entrepreneurs-in-Residence at the i.Lab (experienced entrepreneurs volunteering to mentor i.Lab members pursuing start-ups). [Editorâs note: These individuals are now known simply as Mentors.] I found a few who had experience with B2B [business-to-business] software or marketplace businesses and met with them to learn what obstacles I may face in solving the problem I had set out to fix. These mentors have continued to be instrumental to my ventureâs success; they truly provide invaluable insight on the day-to-day operations of start-up life. At this point, I had one month until the i.Lab application drop, so I started writing my business plan. It felt pretty funny that when I was writing my plan, I still didnât really know what my exact solution/idea would be. For me, this is one of the reasons the lean start-up concept has gained so much traction. If you Google âlean start-up,â youâll learn what Iâm talking about. It just doesnât make sense to write a lengthy business plan about an idea before actually starting the business, because chances are, youâre not going to know the best idea until youâre many months into solving the problem. So I put forth the best idea I had at the time to solve the problem and supported all the work I had done to prove that the problem was worth solving and that I could solve it. You should know that the latter part of that sentence is what gets you into the i.Labâ"showing that youâre already doing the work to start the business. Then it was time to wait and see if I got in. But rather than doing nothing while I waited, I continued to work on the venture, because at that point, I had decided to pursue the opportunity regardless. If I got in, I would be in a yearlong cohort of start-ups, starting at the end of May, with a ten-week accelerator program between my first and second year at Darden. By the end of the following April, the plan was to be in a position to pursue RelishMBA full-time after graduation. I got in! As you can probably guess, it was a big deal for meâ"in retrospect, a bigger deal than I thought at the time. It still feels like the biggest milestone Iâve hit with the business. It actually felt more rewarding than landing our first customer or first investor. It was that initial acceptance of âwe like your business, and weâre going to help you launch itâ that was so rewarding. Now it was time to get an MVP, a minimum viable productâ"a product/service that would prove whether the business had legs. At its core, MVP is the bare-bones product/service that enables you to collect significant customer data with minimal effort/cost to validate that your product/service is worthwhile. I decided to do what I wouldnât recommend that most people do at this stage: I invested financially. I invested my own cash to create pretty cheap software (but with great Web developers) to create an MVP. The plan was to launch that MVP in the i.Labâs ten-week accelerator program and at the end of those ten weeks decide, based on the data the MVP brought in, if I should continue to pursue the business. Fortunately, going into the i.Lab, I was able to bring on an intern, a Darden classmate who later became my cofounder and COO. Bringing on Zach (Zach Mayo, a Darden alumnus) was the best decision Iâve ever made for the company. Starting a business is hard. Starting a business alone is harder. That said, starting a business with someone with whom you donât work well is probably harder than starting a business alone. This makes picking the right cofounder(s) one of the first of many really hard decisions you must make when building a company. Share ThisTweet What I Learned at...
Monday, May 25, 2020
Sample details Pages: 9 Words: 2756 Downloads: 9 Date added: 2017/09/11 Category Advertising Essay Did you like this example? INDIVIDUAL ASSIGNMENT Critically discuss the contention that inadequate regulatory oversight in the United States of America combined with a culture of greed within the finance sector led to the global financial crisis of 2008-2009. SUBMITTED BY: PANKAJ PARASHAR STUDENT ID: 3098673 SUBMITTED TO: DR. LISA BARNES GSBS6484:CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY PANKAJ PARASHAR 3098673 GSBS6484 Page | 2 TABLE OF CONTENTS 1. DonÃ¢â¬â¢t waste time! Our writers will create an original "Global Financial Crisis in Us" essay for you Create order EXECUTIVE SUMMARYÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. 3 2. INTRODUCTION Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦ 4 3. GROWING OUT OF FINANCIAL CRISISÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. 4. INITIATION OF GLOBAL FINANCIAL CRISISÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. .5 5. CRITICAL ANALYSIS OF US POLICIES AND IRREGULARITIES OF FINANCIAL MARKETÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦6 6. CORPORATE GOVERNANCE PERSPECTIVE OF CRISISÃ¢â¬ ¦Ã¢â¬ ¦ 7 7. OTHER GLOBAL MEGATREND RESPONSIBLE FOR CRISISÃ¢â¬ ¦8 8. OVERALL ANALYSIS OF US POLICIES IRREGULARITIES 9 8. 1. 8. 2. 8. 3. 8. 4. 8. 5. FAILURE TO REGULATE FINANCIAL DERIVATIVESÃ¢â¬ ¦.. 9 UNSUSTAINABLE ECONOMIC BOOMÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦ 10 POOR MONETRAY POLICYÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦.. 10 EXCESS PRODUCTION OF GOODSÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. 11 CASHING IN ON FALLING SHARE PRICEÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦. 11 9. CONCLUSIONÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦ 11 10. REFERENCESÃ¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦Ã¢â¬ ¦12 GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 3 1. EXECUTIVE SUMMARY This report endeavors to support the contention that US unlawful practice and greed in higher authorities were somewhat responsible for the global financial crisis in 2008-2009. Additionally, discussion involves the unethical practices and flaws in both private and public sector, especially intermediaries between investors and borrowers, which were the accountable for this economic crisis. It also argues about the tendency to blame US, is not the right approach because poor governance practice and loose regulations are worldwide incidents and other countries are equally responsible for a current universal downturn. Later, paper investigates the role of various government policies in the burst of housing and financial bubble and describes how the greed of officials and erroneous banking and financial regulations were the roots of current recession. This report is trying to expose a number of previously observed, documented but unresolved fragilities within the integrated financial system. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 4 2. INTRODUCTION Every crisis has its lesson. A global financial and economic convulsion of the degree we have just experienced should offer more lessons than most (Neal, 2009). The effects of their mistakes had a ripple effect on other countries as well, which is said to be the largest socio-politico-economic event in last 65 years(Yeoh, 2010). The main elements involved in global financial crisis include a dramatic swing in the recent account statements, true depreciation, and a considerable lag in net output(Summers, 2000). The leading approaches to understand the cause of crisis include namely: Ã¢â¬ ¢ Macro-economic, Ã¢â¬ ¢ Accounting Ã¢â¬âfinance and Ã¢â¬ ¢ The legal corporate government position(Yeoh, 2010). 3. Growing out of Global Financial Crisis (GFC): The US economic catastrophe, which has since become global, it mainly originated from 2007 due to poor performance of US mortgage industry(Kregel, 2008). US has followed aggressive economic policy aking, which emphasizing namely on low interest rate, deregulated market (financial) and low tax(Donato, 2009). New financial aura has been created in US financial market by these policies in which money became cheap, positive prediction on housing market instigate financial institutions and home owners to lend and borrow money(Obama, 2009b). Eventually sub-prime lend ing climbed up whereby a bank lent money to even those with poor credit histories. These irregularities resulted as a burst of housing bubble, which had adversely affected on the global prime market orldwide(Donato, 2009). This report is mainly emphasizing on the origin of the GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 5 GFC lax macroeconomic policies in the context of weak prudential and regulatory oversight, led to excessive leverage, mispricing of risk and build up of systemic risk(Lin, 2009). 4. Initiation of global financial crisis: The entire financial crisis since 1930 has proximity to one another overpriced stocks, trouble-free credit expansion, insatiability of power money and substantial fraud(Yeoh, 2010). However, 2008 economic catastrophe resembles that markets are more closely linked to each other and systemic risk can be originated from many market resources and can be transferred very quickly due to lack of proper corrective measures(Kindleberger et al. , 2005). The crisis mainly begun in January 2007, when US market reported losses in mortgage market and credit exposure due to certain delinquencies, especially in sub prime loan category. Stage 2 of crisis came up with fast deflation of housing value in slowing world economy, and it damaged property market in UK and Eurozone. Northern Rock one of the most renowned UK mortgage bank collapsed because of the knock on effect of US mortgage bubble bursting1(Gerson LehmanGroup, 2009). Aftermath NR collapse the banking credit spreads2 reached over 175 points for AA-rating companies. This showed the way of entire shutdown of asset securitization3 markets. Stage four of the crisis begun in September 2008 1 Housing bubbles may occur in local or global real estate markets. In their late stages, they are typically haracterized by rapid increases in the valuations of real property until unsustainable levels are reached relative to incomes, price-to-rent ratios, and other economic indicators of affordability. This may be followed by decreases in home prices that result in many owners finding themselves in a position of negative equityÃ¢â¬âa mortgage debt higher than the value of the property. 2 3 The risk premium paid by banks and other financial institutions over the cost of funds paid by the government Asset secur itization capital market where mortgages, credit card balances, and other types of loans are packaged nto securities GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 6 when many US financial institutions that dealt with the US housing finance market bailed out by US government(Yeoh, 2010). For example Washington Mutual Bank, Us financing agencies like Fannie Mae and Freddie Mac, invest bank Lehman Bros and then AIG insurance group(Gerson LehmanGroup, 2009). US financial authorities failed to give the kiss of life to Lehman Bros. which was the key link between the securitization market and mortgage banker, US insurance and housing financing industry. The collapse of Lehman Bros gripped whole US market into trouble(Coffee, 2009). 5. Critical analysis of US policies and irregularities of financial market: The reasons behind the precipitation of crisis in US are as follows: Ã¢â¬ ¢ Bad money policy of a deflated dollar to promote public and private debts Ã¢â¬ ¢ The extension of the banking and finance service sector through offensive (abusive) adaptation of risky financial innovation and irresponsible behavior in shadow banking system4 Ã¢â¬ ¢ Interrelation of home rights with global credit insecurity/instability (Phillips, 2008) In the early 2000, US federal placed many policies to undervalue risk in the subprime mortgage market. Ã¢â¬ ¢ Loose Fed interest rate policy (2000-2005), provided low interest rate for a constant period. This resulted in overpricing of houses due to flexible monetary policies, which supported the housing market with cheap excessive credit(Yeoh, 2010, Donato, 2009). The shadow banking system or the shadow financial system consists of non-bank financial institutions that play an increasingly critical role in lending businesses the money necessary to operate. GSBS6484-Corporate Governance and Social Responsibility 3098673 4 Page | 7 Ã¢â¬ ¢ These policies also promoted high risk culture in various financial institutions. For example, Federal pressure has been places on government supported enterprises like Fannie Mae to provide housing access to underclassed by investing in highly risky sub prime mortgages and offer them various lending policies as well(Yeoh, 2010). Ã¢â¬ ¢ The restrictions placed on bank stock purchases for the institutional shareholders. So many corporate leaders then promote the short term interest of stockholders by manipulating compensation packages. Many irregularities in financial policies like withdrawn of Glass-Stegall act and FABS SEC5 provided ambiguous policies for the regular use of Off-balance sheet accounting6 and careless financial culture(Kregel, 2008, Yeoh, 2010). Ã¢â¬ ¢ The unethical practices of Gatekeepers in the US market cause this financial catastrophe. GatekeepersÃ¢â¬â¢ word here refers to the renowned intermediaries that verify or certify financial documents to investors. This may include auditors, debt rating agencies, security analysts and investment bankers. They have been engaging into the unethical activity which gave the big loss to the company by showing inflated financial status of the company(Yeoh, 2010). 6. Corporate Governance Perspective of crisis: Corporate governance issues in US also argue about the flaw associated with the processes and law governing which accounts for the financial crisis. The monetary catastrophe is an important attributed of failure and weaknesses in corporate governance, which was not able to provide protection against proliferated risk in the financial market(Lin, 2009). Failure of corporate governance, in US results in global capital imbalance, loose monetary policies weak regulatory oversight. For 5 6 FASB- Financial Accounting standard board SEC- Securities and Exchange Commission. Off balance sheet (OBS) usually means an asset or debt or financing activity not on the companys balance sheet. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 8 instance, at Bear Stearns higher management lost over the USD 1. 4 billion by investing in highly risky portfolio called CDO7 which was backed by sub prime mortgages. However, they were showing flawless strong balance sheet including its liquidity to the investors(Yeoh, 2010). 7. Other global megatrends responsible for crisis: There are many other reasons for 2008 global financial crisis, not only US but many other countries also experienced major banking and financial sector weaknesses. Other mega trends that forge global financial crisis are: Ã¢â¬ ¢ Post war trade liberalization which permitted trading business on convenient prices from AsiaÃ¢â¬â¢s low-priced labour through their economic policies, which were export oriented to keep inflation at bay. JapanÃ¢â¬â¢s loose monetary policy for its asset bubble deflation. Ã¢â¬ ¢ Enhancement of quantitative technique in finance which involves complex derivatives, which is helpful but led to the use into a misguided application. For example, Enron debacle in 2002 troughs the unethical procedure and application of off-balance sheet. The slight variation of these financial and accounting concepts in creased greed, which contaminated financial modernism and thus unleashed the current global crisis. Ã¢â¬ ¢ Deregulation of financial services and capital control(Yeoh, 2010) All these developments produced essence of economic crisis, namely, extreme greed, intricacy, leverage and liquidity(Summers, 2000). An investment-grade security backed by a pool of bonds, loans and other assets. CDOs do not specialize in one type of debt but are often non-mortgage loans or bonds. 7 GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 9 8. Overall Analysis of US Policies and irregularities: USA is one of the largest consumers of exported product by other nations and also the source of the latest innovations and technology. As of late 2008, an economic recession took the whole industrialized nations into crisis with the different level of indicators such as: Ã¢â¬ ¢ Extensive range of unemployment Ã¢â¬ ¢ Less export trading volume across many nations those rely on exports. Ã¢â¬ ¢ Volatility of various financial systems Ã¢â¬ ¢ The unstable Financial markets with varying and low stock prices(Yeoh, 2010). All these indicators led to the number of discussions and debates regarding this issue (Melda, 2010). This report shall focus on main discussion of culture of greed and argue about the unethical corporate governance and regulatory practices in the financial market in US, which were the basic reason for the financial crisis. The discussion follows the major insufficiencies of USA, which were the main cause of GFC: Ã¢â¬ ¢ Failure to regulate financial derivative in the market Ã¢â¬ ¢ Unsustainable economic boom Ã¢â¬ ¢ Excess production of goods Ã¢â¬ ¢ Poor monetary policy Ã¢â¬ ¢ Cashing in on falling share price(Melda, 2010) 8. 1. Failure to regulate financial derivatives: Many economists said that lacking in regulation of financial derivative can ead to the financial crisis. In USA, the crisis mainly triggered by the collapse of financial GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 10 derivative known as the mortgaged Assets which includes prime (Borrowers with good credit history) and subprime (Borrowers with weak credit history) (Yeoh, 2010). Subprime mortgage crisis has put the USA economy into the worst recession. Subprime borrowers are those who have poor credit history but lenders could have seen the other opportunity o make large earning by charging higher interest rate to provide more return for more risk. Federal Reserve chairman never opposed these derivatives, in other words, intentions of greed came into this scenario (Buser et al. , 1981). 8. 2. Unsustainable economic booms: US Federal Reserve chairman brought down interest rate level up to only one percent for reviving the US economy after Dot-come bubble burst8. This led to the sharp introduction of credit based money into the financial market of the country; these were resulted in unsustainable superficial economic boom. Investors were making money on investments that had no back up. They knew this fact but greed stuck in the way of ethical investment wisdom of the investors and then whole world eventually paid for their action(Soderbaum, 2009, Melda, 2010). 8. 3. Poor monetary policy: US had Neo-liberal policies for protecting the shareholderÃ¢â¬â¢s equity. However, legislators carried out some of the new policies such as Community reinvestment act and expansionary monetary policies to improve their stand in public eye and give investors immediate satisfaction but ignore to accommodate future challenges(Kindleberger et al. , 2005). Thus politicians took the greed affected 8 The dot-com bubble was a stock market bubble which popped to near-devastating effect in 2001. It was powered by the rise of Internet sites and the tech industry in general, and many of these companies went under or learned some valuable lessons when the bubble finally burst. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 11 decision and pursue those policies that were beneficial in short term but unfavorable in the long term. 8. 4. Excess production of goods: Many multinational companies in US transferred their production to India or China for minimizing their cost of production and increase revenue. This led to the overproduction which caused deflation of price for goods, but the government hadnÃ¢â¬â¢t stepped into set a cap on excessive outsourcing. So greed of power deviated from their decision from long term financial issues, and they ignored out the concern next to globalization(Pettifor, 2008). 8. 5. Cashing in on falling share price: Stock brokers manipulated with share prices and ignored important rules of economics. Their main aim was to bluff people and get the highest return from their respective areas. This was one of the reasons that world went into the global crisis(Hale, 2009). 9. Conclusion The financial catastrophe has been evaluated through various means of a way. However, each way has shown how greed and unethical regulatory practices were the key driving force in making most of the decision. Politician, investors and traders were equally responsible for this crisis because hunger of politicians for power led them to the failure of the economic policies which could be helpful to avoid this economic crisis. Additionally, greed of making quick money drove investors and stoke brokers to invest in securities, which were not real and created an unsustainable economic boom that later, caused a major economic crisis. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 12 Despite the strong governing rules by the Federal government in US, they failed to regulate some volatile financial instruments as they were looking for some quick results that can satisfy their greed for success. To recapitulate this, if all higher authorities in US had played their role in a righteous manner, this situation would have been better. 10. REFERENCE 1. BUSER, S. A. , CHEN, A. H. KANE, E. J. (1981) Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital The Journal of Finance, 36, 51-60. 2. COFFEE, C. J. (2009) What went wrong? An inquiry into the cause of the 2008 financial crisis. Journal of Corporate Law Studies, 9,1, 1-22. 3. DONATO, I. I. (2009) The United state:Crisis Leadership in times of transition. IN HART, P. TINDALL, K. (Eds. ) Framing the global economic downturn :Crisis rhetoric and the politics of recessions. Canberra,Australia, ANU E Press. 4. GROUP, G. L. (2009) The global crisis claims Northern Rock building Society,among others,Viewed on 3 April 2010, 5. HALE, D. (2009) There is only one alternative to the dollar. Financial Times,P. no. 16. London,UK. 6. KINDLEBERGER, C. P. ALIBER, R. SOLOW, R. (2005) Manias, Panics and Crashes: A History of Financial Crisis,5th ed. , John Wiley Sons,INC,Newyork. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 13 7. KREGEL, J. (2008) Changes in the US financial system and the sub-prime crisis, working paper, no 530. The Levy Economic Institute of Bard College. 8. LIN, J. Y. (2009) Policy Response to the Global Economic Crisis. Development Outreach:Putting knowledge to work Washington,USA, World bank publisher. 9. MELDA (2010) Economic crisis a cause of human Greed. Artical alley, Viewed online on 2 April 2010 ; ttp://www. articlealley. com/article_1451059_50. html; 10. NEAL, C. (2009) Growing out of crisis. Develpoment Outreach-Putting knowledge to work for development, 11,3. USA, World Bank Publication. 11. OBAMA, B. (2009b) The state of the nation:address to the joint session of congress,Viewed online on 4 April 2010 12. PETTIFOR, A. (2008) Americas financial meltdown:Lessons and prospects, Viewed online 3 April 2010 13. PHILLIPS, K. (2008) Bad Money: Reckless Finance, Financed Politics, and the Global Crisis of American Capitalism, Newyork times,Newyork. 14. SODERBAUM, P. 2009) A financial crisis on top of the ecological crisis:Ending the monopoly of neoclassical economics. Real-world economics review,49, p. no. 8-19, Viewd online on 5 April 2010 15. SUMMERS, L. H. (2000) INter national finacial crises:Causes, Preventation, and cures. The American Economic Review, 90, 1-16. for development. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 14 16. YEOH, P. (2010) Cause of the global financial crisis:Learning from the competing insights. International Journal of Disclosure and Governance, 7, 42-69. 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Thursday, May 14, 2020
Client-centered therapy is a concept that was developed from the humanistic psychology approach and a term coined by Carl Rogers. Humanistic psychology views individuals as autonomous and capable beings, that have the ability to overcome challenges, change their lives for the better and realize their full potential (Seligman, 2006). Rogers emphasized the humanistic approach to working with clients by establishing a therapeutic relationship with them, promoting the individual s self-esteem, supporting them and helping them to realize and utilize their own strengths and have a sense of actualization and authenticity in their lives (Seligman, 2006). This therapeutic approach encourages clinicians to see clientÃ¢â¬â¢s as a Ã¢â¬Å"person: self-determining and self-realizing, a sovereign subjectÃ¢â¬ (Rogers, 1986). The foundation of client-centered therapy is based on the core concepts of human nature, motivation and the person (Rogers, 1986). The person or individual is the key to client-centered therapy. Being able to view the individual as a separate entity and identify them as such is at the foundation of understanding; although this seems like a commonsense notion, there are many contexts in which an individual is lumped into larger classes, such as gender, social class, ethnicity, etc. (Seligman, 2006). The individual is the tool that guides the therapeutic process and environment, setting the tone for what works for them and what the goals for therapy will be. Motivation is also anShow MoreRelatedHistorical Perspective : What You See Yourself862 Words Ã |Ã 4 Pagessummary Key concept # 1 self concept describes how you see yourself. overall perception of your abilities, behaviors, and personality. Ideal self is the person you dike to be. Not shaped by your desires for yourself but is shaped by otherÃ¢â¬â¢s perceptions and evaluations and acceptance of you. If these two match up, youre happy. The greater the difference, may caue anger, depression. Key concept # 2 actual self making progress towards ideal self is self actualization, the basic motivation for all humanRead MoreFreud s Theory Of Human Sexuality1641 Words Ã |Ã 7 Pagesthe nature of human sexuality can be developed through genetics, imitated through socialization, influenced by unconscious decisions or if it can be altered after childhood. There are a variety of theories that have been created to help understand the uncertainty of how human sexuality is developed. Uncovering the influence of neuroscience on sexuality and evaluating the appropriateness of Sigmund FreudÃ¢â¬â¢s Psychoanalytic Theory, Albert BanduraÃ¢â¬â¢s Modeling Theory and Carl RogerÃ¢â¬â¢s Person Centered TheoryRead MoreThe Father Of Person Centered Therapy And Humanistic Psychology1420 Words Ã |Ã 6 Pages Carl Rogers is widely known as the father of person-centered therapy and humanistic psychology. He quietly revolutionized counseling theory and practice with his basic assumptions th at Ã¢â¬Å"people are essentially trustworthy, that they have a vast potential for understanding themselves and resolving their own problems without direct intervention on the therapistÃ¢â¬â¢s part, and that they are capable of self-directed growth if they are involved in a specific kind of therapeutic relationshipÃ¢â¬ . Rogers wasRead MoreCompare and Contrast Psychoanalytic and Person-Centered Therapies2470 Words Ã |Ã 10 Pages Compare and Contrast: Psychoanalytic and Person-Centered Therapies Leslie A. White Central Missouri State University ` The purpose of this paper is to compare and contrast the differences and similarities associated with Carl RogerÃ¢â¬â¢s Client-centered theory and Sigmund FreudÃ¢â¬â¢s Psychoanalytic theory. The focus of the comparisons will fall into the three main topic areas: that of optimal personality development, that of the nature of problem formation, and that of the process of learningRead MorePerson Centered Therapy : A Humanistic Approach1667 Words Ã |Ã 7 Pages Person-Centered Theory Brian L. Brooks II Lindenwood University Ã¢â¬Æ' Abstract Person-centered therapy was founded by Carl Rogers in the 1940s. Person-centered therapy was a humanistic approach different than Sigmund FreudÃ¢â¬â¢s psychoanalytical theory. Person-centered therapy was a non-directive approach where counselors guided their clients towards self-actualization in hopes of attaining fulfillment. Rogers (1979) had an optimistic view of the clientÃ¢â¬â¢s ability to achieve fulfillment under theRead MoreOccupational Therapy Has A Long-Standing History Of Being1347 Words Ã |Ã 6 Pages Occupational therapy has a long-standing history of being a client-centered profession that aims to understand each person individually to best meet occupational performance needs in their day to day life. Occupational therapists utilize a multitude of resources to best create a plan of care for each client. Resources that are used often include: standardized assessments, evaluations, client-centered interventions and theoretical frame of reference. A theoretical frame of reference is defined asRead MoreOverview of Humanistic Psychology Essay1399 Words Ã |Ã 6 Pagespsychological perspective that highlights the study of a person in whole. These psychologist look at human behavior not just through the eyes of the viewer, but also through the eyes of the client that has the behavior. These psychologist believe that an individuals behavior is associated to his or her intimate feelings and their self image. Humanistic psychologist accepts human beings are not just a commodity of the environment. These psychologist study human meanings, understanding, and experiences involvedRead Moreexplore the behavioral and humanistic theory6235 Words Ã |Ã 25 Pageshumanistic psychology was Abraham Maslow; he established the hierarchy levels of needs and believed that by achieving the needs in the correct order would allow individuals to become self-actualized. However, Carl Rogers a psychologist and father of ClientÃ¢â¬âcentered theory felt that in addit ion to MaslowÃ¢â¬â¢s hierarchical needs, in order for someone to achieve self-actualization they need to be in a positive environment. Which would provide them with, approval, understanding and authenticity, and if one wereRead MoreEvaluate the Claim That Person-Centred Therapy Offers the Therapist All That He/She Will Need to Treat Clients2502 Words Ã |Ã 11 PagesÃ¢â¬Å"Evaluate the claim that Person-Centred Therapy offers the therapist all that he/she will need to treat clientsÃ¢â¬ The humanistic movement was established as a way to expand and improve upon the two other schools of thought; behaviourism and psychoanalysis, which had, up until the first half of the 20th century dominated psychology. An American theorist called Abraham Maslow began to research creativity in humans through art and science. He first introduced his concept of a hierarchy of needs inRead MoreIntegrated Approach For Counseling And Counseling1653 Words Ã |Ã 7 PagesIntegrated approach to counseling is when you combined theories to cover the clientsÃ¢â¬â¢ feelings, cognitive patterns, and behavior (Corey, Theory and Practice of Counseling and Pschotherapy 8e, 2009). Each theory focuses one of these key components of a client but in counseling you need to focus on each of these to fully help a client. The key to integrative counseling is to have multiple theories function in harmony (Corey, Theory and Practice of Counseling and Pschotherapy 8e, 2009). Psychotherapy
Wednesday, May 6, 2020
Loki is known as the trickster god of Norse mythology and is even said to be one of the first anti-heroes. He is also probably one of the most well-known tricksters as well. In the Norse myths, he is often portrayed as being very mischievous and is always causing trouble for the gods. In fact, Ã¢â¬Å"he was so outrageously mischievous that he even sneaked his way into becoming a godÃ¢â¬ (Allen, and Saunders, par. 1). However, even though he almost always seems to be getting the gods into some kind of trouble, he also helps them at times in an attempt to get them out of their predicamentsÃ¢â¬ ¦even if those predicaments are his own fault to begin with. Even though Loki was considered to be one of the Aesir, the Norse gods, he was actually the sonÃ¢â¬ ¦show more contentÃ¢â¬ ¦Some of his most well-known transformations are those of the Ã¢â¬Å"flea, fly, giantess, salmon, seal, and birdÃ¢â¬ (McLeish, par. 2). He uses these transformations for various reasons, such as Ã¢â¬Å "to benefit othersÃ¢â¬ , Ã¢â¬Å"to trick themÃ¢â¬ , and Ã¢â¬Å"to save his own buttÃ¢â¬ (McLeish, par. 2). One of the most significant attributes of Loki is his connection to RagnarÃ ¶k, or the end of the world according the Norse mythology. He triggers RagnarÃ ¶k by Ã¢â¬Å"arranging the death of Baldur,Ã¢â¬ (Lindow, par. 6). He does this by tricking the blind god Hod into throwing a mistletoe spear at Baldur, killing him (McCoy, par. 9). He then turns against the gods and takes the side of the giant. Some of the major incidents that take place during the battle include: Jormungand, the giant serpent, slaying Thor; Fenrir, the wolf, killing Odin; and Loki and Heimdall mortally wounding each other (McCoy, par. 3 and 8). As punishment, the gods Ã¢â¬Å"tie him down to three rocks inside a caveÃ¢â¬ while Ã¢â¬Å"a venomous serpent sits above him, dripping poison onto himÃ¢â¬ (McCoy, par. 9). One myth in Norse mythology that features LokiÃ¢â¬â¢s ever-famous troubl e-making is Ã¢â¬Å"The Stealing of Iduna,Ã¢â¬ which is featured in the book Ã¢â¬Å"Asgard Stories: Tales from Norse MythologyÃ¢â¬ by Mary H. Foster and Mabel H. Cummings. In FosterÃ¢â¬â¢s and CummingsÃ¢â¬â¢s version of the story, it begins with Odin, Ã¢â¬Å"the wise father of the godsÃ¢â¬ (60), along with his brother HÃ ¶nir and Loki, traveling aroundShow MoreRelatedTrickster-God-Creator1433 Words Ã |Ã 6 PagesTricksters appear in the mythology and folklore of many cultures around the world. Although the power and relative divinity of each Trickster varies from tradition to tradition, Tricksters have important roles in the creation, development, and sometimes destruction, of each culture. The Coyote of Native North American traditions is often depicted as assisting the Ã¢â¬Å"Great MysteryÃ¢â¬ or Ã¢â¬Å"Great SpiritÃ¢â¬ in the creating and populating of the world (Leeming). In the Greek myths Hermes is initially a sly infantRead MoreAnalysis Of The Book The Batman 1127 Words Ã |Ã 5 Pagesdescribed Loki by saying, Ã¢â¬Å"He was a mischief-maker, trickster, and shape-changer, and grew progressively more evil until the coming of Ragnarok, the end of the world.Ã¢â¬ Loki is only one of the many Norse gods and goddess, but he is the only one described as a trickster or evil god. In many cultures the mythologies often depict how actual people acted. Throughout history we can see different and similar gods and goddess or heroes and villains in the culture. Loki, god of fire and trickster, and theRead More The Norse tale of Ragnarok Essay1136 Words Ã |Ã 5 Pagesthe apocalypse destroyed, possessing the same creatures, features and Gods of times past. This considered, and by incorporating themes of time and fate, Snorri challenges the concepts of the past, present and future of Norse lore by providing a framework which allows for the potential reiteration of history. By reviewing The Prose EddaÃ¢â¬â¢s telling of the events surrounding Ragnarok, the relationship between fate, time and history provide a unique alternative to the standard eschatological timeline.Read MoreViking Women Played A Big Part On Viking Society984 Words Ã |Ã 4 Pageschildbirth. (The life expectancy was 35. 5. Women would iron their clothes and create brooches to wear over their tunics. GodsÃ¢â¬ ¦ The 13 main gods! Baldur - God of beauty, innocence, peace, and rebirth. Consort: Nanna, Killed by Loki, who tricked his blind Brother Hodr into killing him with a spear of mistletoe. Bragi - God of poetry, music and the harp. Consort: IÃ °unn. Forseti - God of justice, peace and truth. Son of Baldr and Nanna. Freyja - Goddess of love, fertility, and battle. Consort: ÃâÃ °ur. FriggRead MoreZaphod Beeblebrox: A Modern-day Trickster1141 Words Ã |Ã 5 PagesZaphod Beeblebrox: A Modern-day Trickster Part hero, part troublemaker and part comedian the trickster is a literary character that has endured throughout human history. The cultural relevance of the trickster can still be seen today. Whether their intentions are noble or malevolent the trickster teaches valuable life lessons and aids mankind in bettering themselves. In this Zaphod Beeblebrox is a modern-day trickster indeed. Zaphod Beeblebrox is the resident troublemaker in the science fiction seriesRead MoreNores vs. Greek Essay5576 Words Ã |Ã 23 PagesBritain, which is farther west than the Scandinavian countries where these myths originated. The Vikings made many expeditions into Britain. So it is a very realistic thought that the Vikings could have been exposed to the stories of the Greek and Roman gods. It is also possible that the Vikings could have extrapolated parts of the Roman stories into their own. The only two existing primary sources of Norse mythology are the Prose (Elder) Edda, and the Poetic (Younger) Ed da. These were written about oneRead MoreEssay on There is More to Vikings than Violence992 Words Ã |Ã 4 PagesHistory typically describes the Vikings as the fiercest, most brutal of all the barbarian groups that invaded Europe. Historians agree that the Vikings were fierce, but was there more to them than that. The word Viking has been used to identify people who lived in Sweden, Norway and Denmark in early medieval times. In the language Old Norse, Viking means pirate. Sometimes they were known as Northmen or Danes. The Vikings shared a similar heritage as the Saxons, a group of people who hadRead MoreNorse Mythology2497 Words Ã |Ã 10 Pagesexplains his understanding of the origin of heathen science. Prose Edda itself is based on belief in the old Nordic gods or heathen, and recounts and explains the faith of men before they were Christian. The book is divided into three main parts, but they are called the Gylfaginning, Skaldskaparmal and Hattatal. In the first section, Gylfaginning (The delusion of King Gylfi) is about the gods and their roles in the world. In addition, will explain how the world and everything in it, was created and theRead MoreThor and the Odyssey Essay1198 Words Ã |Ã 5 Pagesout of captivity, he withstands the cannibals, he even turn Circe into his lover, who was once an enemy that turned half of his men into pigs. Then he defeated the many suitors threading his kingdom. The two warriors are displayed throughout history in literature and in popular culture. Some stories about Sinbad in Ã¢â¬Å"A Thousand and One Arabian NightsÃ¢â¬ were taken directly from homer making Sinbad a smart and mighty warrior just like Odysseus. Like when Sinbad out whit the Cyclops just as OdysseusRead MoreThe Roles of Women in Medieval Scandinavia Essay4028 Words Ã |Ã 17 Pagestheir neighbors. While our archaeological evidence from this period may be rather scarce, many cite the Scandinavian pagan religions as a evidence of this warrior society due to the fact that men were encouraged to fight in order to be chosen by the gods to live in Valhalla, the pagan equivalent, loosely equivalent, of heaven. However, this only accounts for the men of the society, and no society can continue if it consists only of men. Were the women as concerned with war as their male comrades? Recent
Tuesday, May 5, 2020
Questions: 1.The current production systems and processes used by Hawkesbury Cabinets (a technical analysis). 2.The effect of the new builders kitchen line on Hawkesbury Cabinets operations (problem definition). 3.The effect the move to producing builders kitchens might have on the companys financial structure. (broader organisational issues caused by operational problems). Answer: 1. Hawkesbury Cabinets Pty Ltd is an Australian based company which deals with the manufacture of Kitchen cabinetry. This company is established in Mulgrave, Sydney in the year 2008 by two siblings Fung and Mei Chen. Both of the siblings are expert as a master cabinet maker and interior design that renders the complete understanding of the essential operational activity in the mentioned business. The business mainly orients in producing kitchen cabinetry with the intention to satisfy the requirements of the Chinese community in the Hawkesbury. There are basically two types of kitchen cabinetry manufactured in this business, which include (i) Custom-made kitchen (ii) Standardised kitchen. The custom-made kitchen is basically the kind of kitchen, where the customers state their requirements the desired architecture as specified will be implemented in kitchen design by Hawkesbury. On the other hand, standardised kitchen cabinetry is that type of kitchen where contracts have been signed to supply regular products but of high quality. Both types of kitchen design are manufactured in a single production unit, in which the total volume production in the standardised kitchen is approximately around 40 percent. Likewise, the total volume production in the custom-made kitchen is approximately around 60 percent. Interestingly, the revenue earning based on profit margin is high in case of the custom-based kitchen (75% of total revenue earning) compared to that of the standardised kitchen. Though two different types of kitchen cabinets are produced, but these are produced by the same machinery and the same manpower. Hence, the critical aspect of operational management is linked with time and labour investment in both types of kitchen products (Van Kersbergen Hemerijck, 2012). Various types of instruments and machinery are placed within the manufacturing unit of the factory, which are equitably shared as per the order demand and production requirement. Likewise, all the raw materials, intermediate product, and finished pr oducts are kept in the warehouse of the factory. The equipment used for making the kitchen cabinet consist of high quality and costly machinery for designing of the custom cabinets. Importantly, since the customer required design have more profit margin, thus particular attention is given to this type of product manufacturing (Hagedorn, 2015). With the increase in sales and more earned reputation, the workload in production unit also increases that demand of more time and skill investment (Van Kersbergen Hemerijck, 2012). The technical aspect involved in machinery and production unit is of a high standard and comply with the modern world customers requirement. The change in the work pattern assigns notable role like production and operation management to Fung. On the other hand, Mei negotiates the responsibility related to finance and general managerial duties of the company. 2. The standardised kitchen comprises of 40 percent of production volume but fetches only 25 percent of overall revenue earning. On the other hand, standardised kitchen has more profit margin that accounts for 75% of relatively. Regulated kitchen products sales are found to be increasing for the company in a steady manner which accounts for the market reputation of the company; whereas the profit earned and demand level for custom kitchen product is significantly high that accounts for companys profit (Shao, 2013). In the present time, there is an increased demand for the product in both custom as well as standardised division. This leads to increase work burden of manpower; inventory consumes space of the warehouse; along with having an impact on delaying overall production process. As the factory produces both types of kitchen cabinetry, thus there is pressure on the overall production system, especially for the skilled time of craftsmen. Same machinery and manpower are used for th e manufacture of the both the types of kitchen cabinetry, which as a result, reduces the flexibility of the production system, and production is delayed. This is reflective of increased inventory size that comprises of raw material, intermediate products, and end-stage furnished products. This causes shortening of warehouse storage as well as additional cost for renting warehouse space for product/intermediate part storage (Guo, Yu De Koster, 2016). Another problem is related to financial consideration. The total cost related to the production of the standardised kitchen started increasing, which proved as a barrier in terms of total production cost. The increase in cost is also linked with renting charges for arranging newer inventory and warehouse space (Guchhait, Maiti Maiti, 2013). Overall, these issues are reflective of the fact that profit margin is not equitably shared to all the production dimension. In conjunction with increased ordering and production demand, the problem arises due to lack of machinery and manpower. The result of this problem is reflective in terms of delay time in the production of both custom as well as the standardised kitchen. Moreover, more workload is shifted on the existing machinery and manpower of the factory that probably can also give rise to frustration for employees (Schaufeli Salanova, 2014). The production of custom products is also hampered by the bulk amount of raw materials, and intermediate products are piling up. As a result, there is an increase in processed pressure, and hence they fail to supply the final product in time. 3. Standardised kitchen product accounts for 40 percent of the factory volume but in return, there is only 25 percent revenue earning. Standard kitchen in this consideration comprises of fixed number of cabinets and low volume production, but it requires high-quality machinery for bulk production. The impact of this issue on the overall financial structure is reflective in terms of: Effect on the manufacture of custom kitchen products: The production of the standardised kitchen has several indirect effects on the production of a custom kitchen. As the same machinery and craftsman are engaged in the production of both the kitchen cabinetry, hence production time of custom kitchen is delayed. Moreover delay in the supply of finished products also affects the company and customer relationship. This results in service failure and dissatisfaction to custom clients, which can lead to decreased profit margin (ElMaraghy, 2013). Money investment for space: There is also a lack of space for storing the inventory in the warehouse. Thus, extra space is accommodated for storing the raw materials, intermediate materials and final products (La Lond Lambert, 2013). All these arrangements indirectly increase the cost of production of both standardised and custom kitchen products. The cost of production for standardised kitchen products: Standardised product render specified cabinets in the kitchen architecture. On the other hand, these products have fixed price criteria that result in marginal profit earning for the company. It is also noteworthy to mention that the bulk production system requires high-quality product as well as must be processed according to a stringent delivery system. All these issues lead to increase in the cost associated with the production of standardised products. Furthermore, this also leads to a reduction in the profit margin of the company (Raz, Druehl Blass, 2013). Piling of revenue in different production stages: The increase in production demand also leads to increase in storage space requirement for products and parts. The inefficiency in a production system that is attributed to increased production demand leads to piling of raw materials, intermediate products, as well as furnished product in the inventory, factory space, and in warehousing. Indirectly, this blockage of product flow leads to retention of money in a different segment that are not accountable in the overall financial analysis (profit margin) (Hagedorn, 2015). The same issue is thus linked with increased investment in the Hawkesbury Cabinets Pty Ltd into the production system. Dissatisfaction among employees: Lastly, by virtue of increased pressure on craftsmen, machine operator, and labours, it is likely to find a ray of dissatisfaction among the employees. Correspondingly, with increased sales activity, it is likely to conclude that employees will be expecting a higher salary, additional perks, and incentive for motivation. Failing to comply these requirements is likely to impose an adverse financial impact on the overall operational measure of companys activity (Panaccio, Vandenberghe Ayed, 2014). References: ElMaraghy, H., Schuh, G., ElMaraghy, W., Piller, F., Schnsleben, P., Tseng, M., Bernard, A. (2013). Product variety management. CIRP Annals-Manufacturing Technology, 62(2), 629-652. Guchhait, P., Maiti, M. K., Maiti, M. (2013). Production-inventory models for a damageable item with variable demands and inventory costs in an imperfect production process. International Journal of Production Economics, 144(1), 180-188. Guo, X., Yu, Y., De Koster, R. B. (2016). Impact of required storage space on storage policy performance in a unit-load warehouse. International Journal of Production Research, 54(8), 2405-2418. Hagedorn, H. (2015). The functioning of the model. In A model of Austrian economics (pp. 49-59). Springer Fachmedien Wiesbaden.